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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #119,461
  • Oct 5, 2012 2:48pm Oct 5, 2012 2:48pm
Quoting Rust
I don't believe that Dan! Every one has his strengths ! Believe in yourself!
You don't have to be number 1 in the World. But to be confident in your success when doing the thing
Ask yourself of such thing, then ask yourself how you get that level.
Believe me ive thought about it. Not just now but in the past aswel. I will continue to try and think of something ..
  • #119,462
  • Edited Oct 6, 2012 11:11am Oct 5, 2012 2:49pm | Edited Oct 6, 2012 11:11am
Here is the same level on the same chat. Price has dropped very fast from the long trade I took. Now looking for a short. Chart:

Edit: Another chart on AU this time. Hope it makes some sense.

Edit: another chart on GU this time. 2 options depending on what happens at the level

Edit: Added another area im looking at on EU

Mike, would really apprecaite your opinion on each of these levels.

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Thank you
Dan
  • #119,463
  • Oct 5, 2012 2:53pm Oct 5, 2012 2:53pm
Quoting dan89
Thanks for the posts Mike and Ghous regarding risk reward and stop loss. Ill try to keep that in mind on the next trade. At the moment my method is to pick very obvious s/r levels (horizontal) and wait for a Pinbar or OB at those levels and trade in the direction that they indicate. Ill post some charts with levels im looking at, if you could both check them out and tell me what you think that would be great. Mike can you explain how and what you look for in a key level and how you find and plot them please ?
Hey Dan

It's just as you did right there. Finding reasons why a level might be of interest. This is the topic of confluence james teaches. This can be any number of a multitude of things that would be impossible to cover in one post(this is what makes up the majority of what i teach).

I suggest going through my charts(if you click my name and attachments button). There you will see some of the many situations and scenarios

This comes back to the, there is no checklist type thing rather about understanding concepts. For example the nzd/usd is the concept of range trading, boxing, consolidation, pattern spotting, s/r. Layers of confluence and then an understanding of how to use all that in a logical manner as we spoke about. Each situation is unique but at the same time uses reoccurring concepts as spoken about in this thread.

Hope that helps
Mike
  • #119,464
  • Oct 5, 2012 3:40pm Oct 5, 2012 3:40pm
Quoting Pinbar
Thanks Jim

Updated the terminology.
Not sure if you just provided those charts for my benefit or if you wanted them in the post.
Perhaps, you have a few charts that basically explain the very basics.
If you do, please post them and I will update the post.
They were for both Steve . . . .my other previous post was mainly for you . . . here it is below.

Just kidding bro . . . believe me, it applies to me too ..

I can give more examples of the Daily Close Confirmations.


Jim

Quoting jarroo
This quote from him applies to trading just as much as it does to innovation . . . probably even more so to trading . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #119,465
  • Oct 5, 2012 3:41pm Oct 5, 2012 3:41pm
Quoting dan89
Hi Mike, .... Another thing is I can find FTA absolutly every where (not just on this particular setup), I just have to look to the left of current price action to find it. There is always something in the way to stop a trade from running. How do we dertermine whether the FTA chosen is relevant and how much weight it carries. Anyway Ive got all these problems plus more which is why ive been PM'ing you about the paid forum, I dont understand these things.
Any advice on this issue

Thanks
Dan
  • #119,466
  • Oct 5, 2012 3:53pm Oct 5, 2012 3:53pm
Hey, i am having really big trouble trying to know about these damn pinbars. Really frustrating because i dont know if they are going to go up or down?:S Can you ehlp me learn how they move and such and such!
  • #119,467
  • Oct 5, 2012 4:04pm Oct 5, 2012 4:04pm
Quoting dan89
Believe me ive thought about it. Not just now but in the past aswel. I will continue to try and think of something ..
hi Dan,
I ve been reading your posts. I ve been very touched by them.
there is not much I can say, I started trading in April this year so it would be hard to find any newbier than me...
still, the are few things I could understand.
the very first thing is "follow post 1" :-)
the 2nd is, you don't need to be the 1st and to be always right to be profitable. in fact, I realised there is no being right or wrong, meaning there is no room for emotional pain. to me this is critical: keeping cold blooded. this is the take home message of "trading in the zone" from I can't remember who...

then (today!) I realized that price will move exactly were it is supposed to.
what I mean is that once I have noted all the story of price movement, I imagine the 2 ways it could move to. easy: either up or down. then there is a confirmation: OB, PB, PBT with DCC and/or signature, whatever. now I know the direction price is taking.
last but not least , where will it stop?
here, I noticed that jarroo is right: "to the pip". so right it started being confusing... I stopped running after runners and focused on easy TA. there must be one within reach where I close half my position, and there is most likely to be another one a bit further, where price may go.
what I'm struggling with right now is managing the trade, and being able to close it at the best time...

don't know if it makes any sense to you...

all the best!
Slow & steady
  • #119,468
  • Oct 5, 2012 4:11pm Oct 5, 2012 4:11pm
Quoting dan89
Any advice on this issue

Thanks
Dan
to be more precise about that, I would.say this is.the reason why senior members always talk about space space space...
Slow & steady
  • #119,469
  • Oct 5, 2012 4:18pm Oct 5, 2012 4:18pm
Quoting trc
Hi,
new chart for a new month.
FTA @ 0.80 so I will take some action soon...

Regards,
Peter

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Classic one, Peter . .very nice . .much like the Gbp/Jpy . .
Indicators show the past. Price Action "Indicates" the future.
  • #119,470
  • Oct 5, 2012 4:22pm Oct 5, 2012 4:22pm
Quoting Pinbar
AUD pairs just took a beating off the commodity prices news.
I was tempted to take this as a TT but, the downtrend looks very serious and not much in terms of confluence.
I may watch and see how this H4 bar turns out.

Edit: or even wait and see if we get a nice big daily PB, like this one. LOL
Ohhhhhhhhhhh Please......

Did you see this one on the Audusd . .?
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Indicators show the past. Price Action "Indicates" the future.
  • #119,471
  • Oct 5, 2012 5:18pm Oct 5, 2012 5:18pm
Quoting patapouer
to be more precise about that, I would.say this is.the reason why senior members always talk about space space space...
I can always find trouble areas close by where price can reverse on you even if there is 'space'. Unless its at an all time high or low. How do we decide whether or not to take a trade where there is a TA nearby which there almost always is ... ?

Dan
  • #119,472
  • Oct 5, 2012 5:25pm Oct 5, 2012 5:25pm
Hey Dan,
Hope you don't mind if I take a jab at this one. I like NZDUSD and trade it quite a bit. It is a consistent pair and seems to offer a lot of very tradeable price action setups. Here are 10 trades. I know this is hindsight but this is a BIG way of how I learn to trade. I pick-a-part charts on Fridays and Saturdays. So here we go:

1. This is a retest of a broken PPZ level. No really good price action here but break throughs and retests of important s/r levels are in and of themselves price action and I trade them all the time.

2. Multi-bar highs with lower close - Awesome price action set-up. Occurred at a swing high making it a great trade.

3. Bullish outside englufing bar - Not a good area to trade in as it is in the middle of nowhere but even these sometime work out. You just have to decide if and when you are going to take these.

5. Sorry missed 4. Bearish outside engulfing and pretty much a DBHLC. Again this is not in the greatest place to trade.

6. DBHLC at resistance. AWESOME trade here!

7. DBLHC at support. Ditto!!!

8. DBHLC at resistance. Ditto, Ditto !!!

9. BEOB Bad place to trade.

10. Pinbar occurring at support. I wouldn't rate it A+ but these can be traded when they occur like this at important support areas.

11. PBT-CB so here we are and wondering what to do on Monday. A retest of the PPZ would be what I would look for.

So all I'm doing here is analyzing past price action in the context of support and resistance...nothing else. It is really all you need to make good trades.

The H4 time frame offers quite a bit more setups than daily and weekly but as you can see there a very valid trades with some A+ setups and all in only about 3 1/2 weeks time.
Quoting dan89
Here is the same level on the same chat. Price has dropped very fast from the long trade I took. Now looking for a short. Chart:

Edit: Another chart on AU this time. Hope it makes some sense.

Edit: another chart on GU this time. 2 options depending on what happens at the level

Would appreciate you opinion Mike on these. Will post some more later.

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Thank you
Dan
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  • #119,473
  • Oct 5, 2012 5:38pm Oct 5, 2012 5:38pm
Quoting dan89
I dont get it ... the pinbar itself is in traffic and a box. price consolidated before the pinbar formed ?? What am i missing here ..It was not a pinbar that stood out on its own ..but i got lucky and it worked out. The trade just felt wrong and i wasnt happy about it after it hit my TP
As I said previously I don't think it was an A+ pinbar for the reason you just stated Dan. BUT it did occur at the bottom of the box or support area. In the context of the H4 time frame with proper targeting there was nothing wrong with taking this long. Nice trade
  • #119,474
  • Oct 5, 2012 5:39pm Oct 5, 2012 5:39pm
Quoting Winston Reed
Hey Dan,
Hope you don't mind if I take a jab at this one. I like NZDUSD and trade it quite a bit. It is a consistent pair and seems to offer a lot of very tradeable price action setups. Here are 10 trades. I know this is hindsight but this is a BIG way of how I learn to trade. I pick-a-part charts on Fridays and Saturdays. So here we go:

1. This is a retest of a broken PPZ level. No really good price action here but break throughs and retests of important s/r levels are in and of themselves price action and I trade them all the time.

2....
Thanks for the reply. I dont have time right now to go though all i want to go through on this chart. But that BEOB (9) would of looked very good to me in real time of course. Price closed below the resistance level, retraced back up formed a BEOB on the level (and could not close above), I would of taken that trade as I see nothing bad about it at all. Of course later on we find out that price reversed as soon as we enter, and would of stopped us out.

Dan
  • #119,475
  • Oct 5, 2012 5:44pm Oct 5, 2012 5:44pm
Quoting dan89
Thanks for the reply. I dont have time right now to go though all i want to go through on this chart. But that BEOB (9) would of looked very good to me in real time of course. Price closed below the resistance level, retraced back up formed a BEOB on the level (and could not close above), I would of taken that trade as I see nothing bad about it at all. Of course later on we find out that price reversed as soon as we enter, and would of stopped us out.

Dan
Having a second look at it I agree!
  • #119,476
  • Edited 9:14pm Oct 5, 2012 8:39pm | Edited 9:14pm
Quoting jarroo
Did you see this one on the Audusd . .?

Yes, I did see that.
I took the H4 BUEOB off the Daily LCS at the major SL.

Took plenty off at the FTA and, got stopped out at BE+ on the remaining position.
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  • #119,477
  • Oct 5, 2012 8:54pm Oct 5, 2012 8:54pm
Quoting dan89
I dont get it ... the pinbar itself is in traffic and a box. price consolidated before the pinbar formed ?? What am i missing here ..It was not a pinbar that stood out on its own ..but i got lucky and it worked out. The trade just felt wrong and i wasnt happy about it after it hit my TP

I agree about it being in a sideways movement although, after the buffer break, it does have some space to the FTA.

It is similar to the H4 BUEOB I took on AUD/USD but, the BUEOB by its nature of being a BUEOB, has the high thus the break, above the sideways movement. If you get what I mean.
  • #119,478
  • Oct 5, 2012 10:04pm Oct 5, 2012 10:04pm
Quoting deltaskelta
I am also curious about this, because I came to the same conclusion as pinbar in the fact that this one was not properly positioned
Mike must have missed the original post.
  • #119,479
  • Oct 6, 2012 12:52am Oct 6, 2012 12:52am
Quoting dan89
I dont get it ... the pinbar itself is in traffic and a box. price consolidated before the pinbar formed ?? What am i missing here ..It was not a pinbar that stood out on its own ..but i got lucky and it worked out. The trade just felt wrong and i wasnt happy about it after it hit my TP
On second thoughts, I think it is more about the FTA than how good a setup it was. Knowing just where it is most likley to reach.
I think that is what Mike is trying to tell you, rather than it being an AAA+ setup.
  • #119,480
  • Oct 6, 2012 1:43am Oct 6, 2012 1:43am
german siemens seems to be on its way to the next box.
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